Vijay Mallya-controlled UB Group has offered nearly £400 ($751.92 mn) million for the acquisition of Taittinger, the world's sixth-largest champagne company.
Sources close to the development said the UB group had submitted its bid for the acquisition of the French champagne company last week.
Standard Chartered Bank is the advisor to the UB group for this deal. UB group officials declined to comment on the development.
Starwood Capital of the US, which had acquired Taittinger in July last year, recently put the champagne company on the block. Taittinger sells about 4.5 billion bottles of champagne and wine a year across the globe. Sources close to the deal said the UB group's bid was among the highest.
Other bidders include the Taittinger family, backed by Crédit Agricole; CVC Partners, the private equity group and Freixenet, the Spanish drinks group.
Sources said the deal would take two-three weeks to materialise. "The champagne business will be sold after the sale of Taittinger's Carneros vineyard in California. Bids for the estate were submitted in last week," sources added.
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